Word: lenders
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...lukewarm response from other countries to Brown's suggestion, the British government was quick to reduce the levy to one of several ideas the Prime Minister had for recouping taxpayers' billions. Another idea - that banks themselves pay into a central rescue fund, with contributions determined by a lender's size or risk exposure - could yet prove more popular...
...going to immediately spark a wave of me-too programs. Cheryl Lang, CEO of Integrated Mortgage Solutions, a firm that helps manage repossessed houses, says she's seen some interest in the concept, but companies are hesitant to implement it for fear of the legal consequences. "Once a lender takes possession, if there's a mold issue or Chinese drywall, whatever the problem is with that house, whether or not the lender is aware of it, that's a liability," says Lang. She recalls being on a panel sponsored by the Mortgage Bankers Association a few months ago and watching...
...this year, but the jobless rate has surged to 10.2%, the highest since 1983. Raising interest rates runs the risk of worsening unemployment. For the same reason, the U.S. cannot withdraw stimulus spending either, even though the U.S. budget deficit has topped a record $1.7 trillion. Last week, mortgage lender Fannie Mae reported $18.9 billion in third-quarter losses and said it needs another $15 billion in taxpayer money to survive...
Uncle Sam is out some $2.3 billion in bailout funding following the bankruptcy of CIT, a major lender to small and medium-size businesses. The Nov. 1 filing by the century-old firm marks the government's first loss stemming from the Troubled Asset Relief Program (TARP), designed to stabilize major businesses during the height of the economic meltdown. CIT says it hopes to emerge from bankruptcy by year's end. More government losses could follow as bailout recipients such as Chrysler and AIG continue to struggle. Still, analysts say it could have been worse: CIT sought more bailout funding...
...recent Chapter 11 bankruptcy filing of commercial real estate lender Capmark Financial Group appears to validate the doom-and-gloom scenario for commercial real estate fundamentals...